insurability
Qualification for coverage
Insurability is the quality of being acceptable for insurance coverage.
Insurance companies assess insurability based on risk factors—health conditions, age, driving record, property location.
Someone with a serious pre-existing condition may have limited insurability.
The underwriter questioned the insurability of the flood-prone property.
Elements increasing adverse outcomes
- risk poolShared-liability insurance group
- adverse selectionPre-contract hidden knowledge problem
- moral hazardConsequence-free risk-taking incentive
- exposureState of being unprotected
hazard · peril · risk tolerance · uninsurable · high-risk · risk mitigation · loss prevention
Evaluating likelihood of harm
- actuarial tablesStatistical mortality predictions
- premiumsPayments for insurance coverage
- coverage limitsMaximum insurer will pay
- underwriterOne who assumes financial risk
reinsurance · exclusions · indemnity · liability · actuary · claims history · solvency · rating
Record of past ailments
- ageDuration of existence
- lifestylePersonal living pattern
- BMIWeight-to-height ratio
- family historyRecord of ancestors
blood pressure · cholesterol · diabetes · heart disease · genetic testing · health screening · physical exam · lab results
Out-of-pocket threshold amount
- coverage limitsMaximum insurer will pay
- exclusionsThings deliberately left out
- ridersThose who mount animals
- endorsementsFormal declarations of support
Estimation of worth
- valuationAssessment of monetary worth
- collateralSecurity for debt
- replacement costExpense to obtain equivalent
- depreciationAsset value reduction over time
hazard assessment · flood zone · fire risk · building code · inspection · title · zoning · occupancy
risk factors
Elements increasing adverse outcomes
- risk poolShared-liability insurance group
- adverse selectionPre-contract hidden knowledge problem
- moral hazardConsequence-free risk-taking incentive
exposure · hazard · peril · risk tolerance · uninsurable · high-risk · risk mitigation · loss prevention
risk assessment
Evaluating likelihood of harm
- actuarial tablesStatistical mortality predictions
- premiumsPayments for insurance coverage
- coverage limitsMaximum insurer will pay
underwriter · reinsurance · exclusions · indemnity · liability · actuary · claims history · solvency · rating · policyholder
medical history
Record of past ailments
family history · blood pressure · cholesterol · diabetes · heart disease · genetic testing · health screening · physical exam · lab results · chronic illness
deductible
Out-of-pocket threshold amount
- coverage limitsMaximum insurer will pay
- exclusionsThings deliberately left out
- ridersThose who mount animals
endorsements · waiting period · coverage gap · sublimit · blanket coverage
appraisal
Estimation of worth
- valuationAssessment of monetary worth
- collateralSecurity for debt
- replacement costExpense to obtain equivalent
depreciation · hazard assessment · flood zone · fire risk · building code · inspection · title · zoning · occupancy · claims history
- insurancecoverage, underwriting, premium, claims, policyholder
- life insuranceterm life, whole life, beneficiary, premium, death benefit
insurabilityuninsurability
Cannot obtain coverage
ineligibility · disqualification · unacceptability · exclusion · rejection
unsure, ensure, insure, insurance, reassure, assurance, assure, ensured, insured